Insider Buying: Agree Realty (NYSE:ADC) CFO Buys 500 Shares of Stock

Agree Realty Corporation (NYSE:ADC) CFO Peter Coughenour acquired 500 shares of the stock in a transaction dated Friday, January 9th. The stock was acquired at an average price of $69.80 per share, for a total transaction of $34,900.00. Following the purchase, the chief financial officer directly owned 18,544 shares in the company, valued at approximately $1,294,371.20. This trade represents a 2.77% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink.

Agree Realty Stock Performance

ADC opened at $71.35 on Tuesday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.68 and a quick ratio of 0.68. The company has a 50 day simple moving average of $72.82 and a two-hundred day simple moving average of $72.70. The firm has a market cap of $8.20 billion, a P/E ratio of 41.73, a PEG ratio of 2.19 and a beta of 0.55. Agree Realty Corporation has a 1-year low of $68.10 and a 1-year high of $79.65.

Agree Realty (NYSE:ADC) last announced its quarterly earnings results on Tuesday, October 21st. The real estate investment trust reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.02. Agree Realty had a net margin of 28.11% and a return on equity of 3.52%. The company had revenue of $183.22 million for the quarter, compared to analysts’ expectations of $181.87 million. During the same quarter in the previous year, the business posted $1.03 earnings per share. Agree Realty’s quarterly revenue was up 18.7% on a year-over-year basis. Agree Realty has set its FY 2025 guidance at 4.310-4.330 EPS. Equities analysts forecast that Agree Realty Corporation will post 4.27 earnings per share for the current fiscal year.

Agree Realty Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st will be paid a dividend of $0.262 per share. This represents a c) dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend is Wednesday, December 31st. Agree Realty’s payout ratio is currently 183.63%.

Institutional Investors Weigh In On Agree Realty

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in Agree Realty by 2.2% during the 3rd quarter. Vanguard Group Inc. now owns 15,646,573 shares of the real estate investment trust’s stock valued at $1,111,533,000 after acquiring an additional 329,892 shares in the last quarter. State Street Corp increased its holdings in shares of Agree Realty by 0.5% during the 3rd quarter. State Street Corp now owns 5,792,525 shares of the real estate investment trust’s stock worth $412,954,000 after buying an additional 27,546 shares during the last quarter. Centersquare Investment Management LLC lifted its holdings in Agree Realty by 1.8% in the third quarter. Centersquare Investment Management LLC now owns 2,896,229 shares of the real estate investment trust’s stock valued at $205,748,000 after acquiring an additional 51,269 shares during the last quarter. Geode Capital Management LLC increased its stake in Agree Realty by 6.8% during the second quarter. Geode Capital Management LLC now owns 2,680,417 shares of the real estate investment trust’s stock worth $205,489,000 after acquiring an additional 170,827 shares during the last quarter. Finally, Daiwa Securities Group Inc. raised its position in Agree Realty by 0.7% in the third quarter. Daiwa Securities Group Inc. now owns 2,362,396 shares of the real estate investment trust’s stock valued at $167,825,000 after purchasing an additional 15,389 shares during the period. Institutional investors and hedge funds own 97.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ADC. Barclays upped their price target on shares of Agree Realty from $77.00 to $78.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 3rd. Wells Fargo & Company upped their target price on Agree Realty from $81.00 to $83.00 and gave the company an “overweight” rating in a research report on Tuesday, November 25th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Agree Realty in a research report on Wednesday, October 8th. Evercore ISI dropped their price target on Agree Realty from $85.00 to $83.00 and set an “outperform” rating on the stock in a research note on Monday, December 15th. Finally, Wall Street Zen cut Agree Realty from a “hold” rating to a “sell” rating in a research note on Sunday. Eight research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $80.23.

About Agree Realty

Agree Realty Corporation (NYSE: ADC) is a publicly traded real estate investment trust headquartered in Chicago, Illinois. Founded in 1971, the company converted to a REIT structure in 2013 and focuses on acquiring, developing and managing a diversified portfolio of retail properties under long-term, triple-net (NNN) leases. Its tenant roster spans national and regional retailers in sectors such as grocery, home improvement, convenience and specialty retail.

Agree Realty’s primary business activities include sourcing and underwriting new property acquisitions, originating build-to-suit projects and executing value-add redevelopment programs.